Business 207 Quiz 9

Business 207 Quiz 9 - Business 207 Quiz 9 TERMINATION 1....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Business 207 Quiz 9 TERMINATION 1. Termination by Its Terms = when contract states it ends 2. Termination by Agreement = both parties agree to terminate 3. Unilateral Termination = because it requires continual consent, either party may terminate at any time ( I can fire you at any time; you can quit at any time) 4. Termination by Law = death, insanity, or bankruptcy CONTRACTUAL LIABILITY 1. Contractual liability = legal obligations created by a contract executed by an agent within the scope of the agency that are imposed on the principal a. General rule: if agent does what they are supposed to, principal is bound to contract. 2. Apparent Authority = “looks like authority” a. Third party reasonably believes that the agent has actual authority because of the actions of the principal. b. Avoiding apparent authority by Repudiating in a timely manner b.i. Repudiating = indicating it is not a relationship by saying it, writing it down, etc. b.ii.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Business 207 Quiz 9 - Business 207 Quiz 9 TERMINATION 1....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online